Adler Kawa pays $32M for Boca Raton office complex

Office center is near former Arvida Park of Commerce, which will add resi and retail

TRD MIAMI /
Dec.December 01, 2015 02:45 PM

Glendale, California-based American Realty Advisors has sold a Boca Raton office center for $32.25 million. 

Adler Kawa Real Estate Advisors bought the two office buildings at 1001 West Yamato Road, the real estate firm announced on Tuesday. The sale marks Adler’s re-entry into the South Florida market since it launched funds in 2010.

Yamato Office Center totals 170,930 square feet of office space. The 10-acre complex was built in 1986 and 2000, according to Palm Beach County property records. An Adler fund that launched earlier this year made the purchase. It has raised $53 million this year and is focused on acquiring multi-tenant office and industrial properties, according to a press release.

Tenants include Promise Healthcare, MoreDirect and Homes Media E-Neighborhoods.

CBRE’s Christian Lee represented the seller, American Realty. The investment manager focuses on commercial real estate portfolios. It paid nearly $13 million for the site in 1990, according to property records.

Charles J. Foschini and Christopher A. Apone, also of CBRE, secured $21.55 million in financing for the buyer. PNC Bank is the lender, records show.

The property is near the Park of Broken Sound, formerly known as Arvida Park of Commerce. Developers will add 1,372 residential units and more than 554,000 square feet of retail to the 700-acre commercial park.

It’s also near a Boca office portfolio that sold in mid-November for a combined $28.25 million. The properties, on Northwest Broken Sound Boulevard, sold to a joint-venture between Mainstreet Capital Partners and the Davis Companies– Katherine Kallergis


Related Articles

arrow_forward_ios
Mahnaz Zahedi pictured with her parents in 1962 (inset) and  444 E Alexander Palm Road (Getty, Zillow)

Iranian princess sells her waterfront Boca Raton home for $6M

Iranian princess sells her waterfront Boca Raton home for $6M
The Principal Richard Caster, Monica Mayotte and Andrea O’Rourke of Boca Raton City Council, and 2600 North Ocean Boulevard, Boca Raton (Credit: Azure Development)

Appeals court orders another vote on proposed Boca Raton beach duplex

Appeals court orders another vote on proposed Boca Raton beach duplex
Andrew Richardson and 1298 Cocoanut Road (Realtor)

Real estate exec sells Boca Raton home for $5M

Real estate exec sells Boca Raton home for $5M
261 Alexander Palm Rd, Boca Raton (Credit: Google Maps)

Boca Raton mansion sells for $9M

Boca Raton mansion sells for $9M
1889 Sabal Palm Drive and Dr. Lawrence “Scott” and Donna Ennis

Nip and tuck: Plastic surgeon buys Boca Raton mansion for $6M

Nip and tuck: Plastic surgeon buys Boca Raton mansion for $6M
Sal Calvino and 2989 Spanish River Road (Linkedin, Realtor)

Soaring: Aviation exec buys waterfront Boca Raton mansion

Soaring: Aviation exec buys waterfront Boca Raton mansion
Prentis Wilson and 1880 Sabal Palm Circle (Realtor)

Proceed to checkout: Former Amazon exec pays $5M for Boca Raton mansion

Proceed to checkout: Former Amazon exec pays $5M for Boca Raton mansion
310 East Alexander Palm Road (Realtor.com)

Cumberland Farms scion buys waterfront Boca Raton home

Cumberland Farms scion buys waterfront Boca Raton home
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...